Binance, a giant in the cryptocurrency sector, finalized a legal settlement by paying an impressive sum of US$4.3 billion. This value stands out as a milestone in financial enforcement actions, following approval by federal judge Richard Jones.
The settlement comprises a $1.8 million criminal fine and an additional $2.5 million in forfeitures for failures to conduct due diligence. According to information from Reuters, Binance was criticized for the lack of a robust anti-money laundering (AML) system, facilitating the use of its services in illicit activities, including money laundering, ransomware, darknet transactions, among others.
This episode marks an important precedent for the US Department of Justice in its fight against financial offenses, highlighting the severity of the violations committed by Binance. The objective of the penalty, as highlighted by the authorities, is not only to reprimand Binance but also to prevent future criminal practices in the sector. The sentence for Changpeng “CZ” Zhao, founder of Binance, remains pending until April 30, with significant restrictions on his trading activities and movements expected.
Additionally, Binance has committed to improving its compliance processes and collaborating closely with regulatory authorities. This decision follows a previous settlement with the U.S. Commodity Futures Trading Commission (CFTC) involving a $2.7 billion fine for regulatory violations, in addition to a $150 million personal penalty directed at Zhao.
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Source: https://portalcripto.com.br/binance-resolve-disputa-legal-com-pagamento-de-us-43-bilhoes-enquanto-cz-aguarda-sentenca/
